WeWork Files to Assume 16 Leases Across US, Canada 

WeWork is planning to save more locations as it emerges from its Chapter 11 proceedings. With a recent injection of $450 million, the coworking giant is clawing back leases in major U.S. markets. 

The company has filed to assume 16 leases across the U.S. and Canada, including properties in Los Angeles, Washington D.C., Boston, Chicago, San Ramon, Minneapolis, New York City, Denver, Boulder, Lehi, Kansas City, Bellevue, and Vancouver. WeWork has filed to keep its leases at 700 K Street NW in Washington, D.C.; 33 Arch Street and 501 Boylston Street in Boston; 750 North Lexington Avenue in New York City;  

This follows WeWork’s move to assume nine other leases recently, including locations in Long Beach and Costa Mesa. The financing, primarily from Yardi Systems, aims to help WeWork shed $4 billion in debt and exit bankruptcy by May’s end. Despite downsizing, 80 leases were eliminated globally. 

“Boston is a priority market for WeWork. With thousands of fast-growing startups and a thriving tech scene, we continue to believe in the immense value co-working and flexible office space can bring to local businesses,” Kate Harper, VP of Global Real Estate at WeWork, told ConnectCRE via email. “33 Arch and 501 Boylston are staple buildings in our Boston portfolio. We thank Nuveen for their collaboration and partnership over the past few months as we worked to identify terms that best enable us both to continue delivering exceptional working experience in the city.”